Funding arb · Price arb /

SAGA

all SAGA markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0239%/8h= −26.2% APRpaid last 24h −0.134%

Price spread now: Hyperliquid against BloFin−0.438%87s7-day average −0.168% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.897%−$90 on $10k

Price spread, last 4 days (all we have)+1.712%+$171 · spread now −0.438%, 7d avg −0.168%

Together, before fees+0.814%+ Points / potential airdropHyperliquid: Season 2 · farm board+$81 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$7 a day on $10k at the current rate, and Hyperliquid is 0.270% cheaper against BloFin than usual: you would sell low and buy high (−$27 if the spread goes back to its 7-day average of −0.168%). Swap the legs. The two prices were read 87 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin SAGA-USDT	0.03880	0.0046	pay 0.0023% / 4h	29m 47s	$981K	$213K	20x
Short	Hyperliquid SAGA	0.03863	−0.0193	pay 0.0024% / 1h	29m 47s	$2.1M	$263K	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BloFinbpFee HyperliquidbpOrdersPrice spread, now −0.438%Rate

Funding earned: −$50.19
Price spread: −0.438% → −0.168%: −$27.05
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$98.24
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 42 min ago; Hyperliquid: live order book, 1 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BloFin live order book, 42 min ago	11.58 bp	28.2 bp −$28	112.4 bp −$1,124	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 1 min ago	1.29 bp	5.8 bp −$6	doesn't fit	doesn't fit	doesn't fit

SAGA on 14 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_SAGAUSD	−0.0265%	1h	0.03883	+0.090%	$69K	$643K	20x	as long as short
Hyperliquid SAGAshort	−0.0193%	1h	0.03863	−0.438%	$2.1M	$263K	3x
BloFin SAGA-USDTlong	+0.0046%	4h	0.03880	long leg	$981K	$213K	20x
Coinbase International SAGA-PERP-INTX	+0.0080%	1h	0.03900	+0.515%	$44K	$380K	25x	as long as short
Aster SAGAUSDT	+0.0100%	4h	0.03892	+0.316%	$69K	$768K	5x	as long as short
Binance SAGAUSDT	+0.0100%	4h	0.03892	+0.309%	$19.2M	$101.8M	20x	as long as short
Gate SAGA_USDT	+0.0100%	4h	0.03901	+0.541%	$5.9M	$7.8M	20x	as long as short
MEXC SAGA_USDT	+0.0100%	4h	0.03892	+0.309%	$2.5M	$4.5M	50x	as long as short
KuCoin SAGAUSDTM	+0.0100%	4h	0.03889	+0.232%	$772K	$2.6M	20x	as long as short
Extended SAGA-USD	+0.0104%	1h	0.03892	+0.299%	$7K	$135K	5x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BingX SAGA-USDT	+0.0158%	4h	0.03893	+0.335%	—	$2.0M	—	as long as short
Bybit SAGAUSDT	+0.0168%	4h	0.03893	+0.345%	$3.8M	$14.4M	20x	as long as short
Variational Omni SAGA	+0.0210%	4h	0.03891	+0.279%	$4K	$45K	—	as long as short
Deribit SAGA_USDC-PERPETUAL	+0.1035%	1h	0.03897	+0.438%	$3K	$28	10x	as long as short